This article first appeared on GuruFocus .
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Quarterly Revenue:NOK1,140 million, 13% higher than a year ago.
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EBITDA:NOK153 million, with sea-based at NOK99 million, land-based at NOK41 million, and digital at NOK13 million.
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EBITA:NOK91 million, a record high for the company.
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Order Intake:Approximately NOK1.5 billion.
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Order Backlog:NOK2.8 billion at the end of Q1 2026.
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Net Financial Costs:Impacted by NOK8 million reduced market value on investment in Nordic Aqua Partners.
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Profit Before Tax:NOK56 million for the quarter.
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EBITDA Margin:13.4% overall, with sea-based at 13.2%, land-based at 11.8%, and digital at 32%.
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Available Cash:NOK442 million, including unused credit facilities.
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Net Working Capital:Increased to 7.9% from 6.2% at year-end.
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Leverage Ratio:Reduced to 2.32 from 2.37 in the previous quarter.
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Net Interest-Bearing Debt:Increased by NOK68 million during the quarter.
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Return on Capital Employed (ROCE):Improved to 12.8% from 9.3% a year ago.
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Dividend:NOK1 per share paid on April 21.
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Sea-Based Revenue:NOK653 million, 6% lower than Q1 last year.
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Land-Based Revenue:NOK346 million, 96% higher than the same period last year.
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Digital Revenue:Increased by 22% in the quarter.
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Release Date: May 08, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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AKVA Group ASA ( FRA:3QI ) reported a record high quarterly EBITA of NOK91 million, showcasing strong financial performance.
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The company achieved a strong order intake of around NOK1.5 billion, with an order backlog of NOK2.8 billion at the end of Q1 2026.
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AKVA Group ASA completed the acquisition of the remaining shares of Submerge, becoming the 100% owner of its smart camera solution.
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The company has strategically expanded into the defense industry, securing a long-term framework agreement for the delivery of polar circuit boats.
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The digital segment maintained a strong EBITDA margin of 32%, indicating robust performance in this area.
Negative Points
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Net financial costs were negatively impacted by NOK8 million due to reduced market value on the investment in Nordic Aqua Partners.
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The sea-based technology segment experienced a 6% decrease in revenue compared to Q1 last year.
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Available cash, including unused credit facilities, decreased by NOK105 million compared to year-end.
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The order backlog for the land-based segment was NOK270 million lower than one year ago.
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Net interest-bearing debts increased by NOK68 million during the quarter, partly due to increased net working capital and M&A activities.
Q & A Highlights
Q: Can you provide more details on the strategic review and its potential outcomes? A: Knut Nesse, CEO, explained that the strategic review, announced in April, aims to maximize shareholder value. The process is supported by major shareholders and focuses on a potential sale of the entire company as a complete platform. The review is expected to conclude by fall 2026, with no decisions made yet.
Q: What are the expected benefits of the new defense industry contract? A: Knut Nesse, CEO, highlighted that the contract with the Norwegian defense industry for polar circuit boats is a significant milestone. It is expected to generate scale benefits and improve profitability for the boat business, with deliveries starting in the second half of the year and increasing in volume over time.
Q: How is the deep farming initiative progressing, and what are its benefits? A: Knut Nesse, CEO, stated that deep farming has shown promising results, with a potential to unlock 50% higher harvesting volumes and reduce sea lice treatments by around 80%. The initiative supports fish welfare and has been successful in reducing mortality rates significantly.
Q: Can you elaborate on the financial performance and future guidance? A: Ronny Meinkhn, CFO, reported strong financial performance with record high profits in Q1 2026. Revenue increased by NOK27 million compared to Q1 2025, driven by high activity in the land-based business. The company expects to meet its guidance of a 20% increase in full-year EBIT compared to last year.
Q: What are the key growth projects for 2026 and beyond? A: Knut Nesse, CEO, outlined five organic growth projects, including the commercialization of Nautilus Next, internationalization of the net business, and expansion into the defense industry. These projects aim to support the company's target of exceeding NOK5 billion in revenue by 2027.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
